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nations - Iceland, Sweden, and Norway. Possession of Iceland passed from the Kingdom of Norway (872–1397) to the Kalmar Union in 1415 and such exchange units were used in Iceland (that could be further subdivided into 100 øre).
After the break-up of the union in 1523, it remained a Norwegian dependency where its circulation was regulated by the country’s central bank.
It was initially fixed at 4 Krone = 1 Speciedaler(Norwegian) that was part of the Scandinavian Monetary Union established in 1873.
The Danish Krone was established Isk meaning in 1874 in Iceland that replaced the local money rigsdaler. During World War I the union was suspended, and the three nations kept the same name for their respective currencies, even as, the value of 2,480 Krone was considered comparable to 1 kg of gold.
The gold standard came to an end in 1931 and then, it was set against the dollar and the British pound.
In December 1992, the Norges Bank discarded the fixed exchange rate and allowed its value to float due to heavy speculation against it, although, it led to a shortfall of approx. 2 billion Krone for the foreign coinage reserves of the bank.
Norway has one of the most stable economies of the continent and its banknotes feature prominent artists and researchers indicating their social contribution to the culture of the country.
Iceland has a difficult type of weather but it has vast resources of geothermal energies and one of the highest consumption of electricity per capita in the world.
In 2007, the country was considered the 7th most productive nation per capita but in 2006, it faced the problem of growing inflation and suffered due to free-market reforms, and during the 2008 financial crisis, the economy collapsed due to bank failures.
Iceland obtained emergency funding through the IMF in 2008 to support its financial institutions. In May 2020, the conversion value of one Danish Krone to euro was equal to 0.13 and Danish Krone to pound sterling was 0.12.
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